Nigeria imports $1bn steel
Nigeria imported N400bn ($1billion) worth of iron/steel in 2019, New Telegraph has learnt. According to Nigeria's Most Valuable Import Products report, the amount represented 21 percent of Nigeria’s 10 top imports during the period.
It also represents the least value in the list of top 10 Nigeria imports during the period under review. Report by the International Trade Center (ITC) has it that Nigeria is currently a net importer of steel with negative trade balance of $1.27 billion in 2018. The report came in the wake of shortage of billet, which affected the capacity of steel companies in Nigeria to produce.
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